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FORT WORTH, Texas American Airlines' creditors could begin voting this month on the company's turnaround plan and proposed merger with US Airways ( LCC ).
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www.cbsnews.com
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https://www.cbsnews.com/news/judge-sets-dates-for-voting-on-amr-plan
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Centene was one of three insurers that won contracts last year to cover Kentucky's Medicaid population. Revenue from new markets can be substantial, but it takes time to build up profitability due to new business costs and high initial medical expenses for patients.
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www.marketwatch.com
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https://www.marketwatch.com/story/centene-swings-to-q2-loss-after-charge-revenue-up-2012-07-24?dist=bigcharts&siteid=bigcharts
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Pay attention to anything the company has to say about its efforts to de-risk its portfolio by asset sales, and any cost saving projections related to the company's current production growth projects. As mentioned, the company's earnings beyond this year are extremely uncertain, so any clarity (as long as it is of a positive nature) would be very well-received by the market. Murphy Oil Corporation (NYSE:MUR) Murphy has a similar revenue makeup to Hess Corp. (NYSE:HES), with most revenues coming from refining and marketing and most income coming from exploration and production. The company plans to spin off its retail gasoline business later this year into a new company called Murphy Oil Corporation (NYSE:MUR) USA, which operates almost 1,200 service stations, primarily located at Wal-Mart Stores, Inc. (NYSE: WMT ) supercenters.
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www.insidermonkey.com
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https://www.insidermonkey.com/blog/hess-corp-hes-murphy-oil-corporation-mur-wednesday-is-a-big-day-for-oil-earnings-209342
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In a press release from Ascena "This impairment charge has no impact on the Company's operations, ability to service debt, compliance with financial covenants, or underlying liquidity."
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lptv.org
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https://lptv.org/maurices-stores-could-be-closing
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Sources say the ailing fast-fashion retailer is in talks with Simon Property Group Inc. and Brookfield Property Partners LP about the proposal, which would be part of a bankruptcy filing.
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www.businessoffashion.com
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https://www.businessoffashion.com/articles/news-analysis/forever-21-in-talks-to-give-landlords-a-stake-in-bankruptcy
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Image: AMC Theaters COVID-19 may have killed the country's biggest theater chain. In a new SEC filing (via Variety ), AMC Theaters admitted that it wasn't sure it could survive due to the ramifications of coronavirus, which forced the company to shutter more than 1,000 theaters and lay off hundreds of employees. Apparently, AMC hasn't made a single cent of revenue over the last few months. "We cannot be certain that we will have access to sufficient liquidity to meet our obligations for the time required to allow our cash generating operations to resume or normalize," the company warned. "We may not be able to obtain additional liquidity and any relief provided by lenders, governmental agencies, and business partners may not be adequate and may include onerous terms. Due to these factors, substantial doubt exists about our ability to continue as a going concern for a reasonable period of time."
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www.thefpsreview.com
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https://www.thefpsreview.com/2020/06/03/amc-theaters-may-be-going-out-of-business-exhibition-chain-has-had-no-revenue-for-months"
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"We thank Ira very much for his service of 16 years as CEO and the growth he brought to Ceragon. I'm pleased and very happy to re-welcome Doron to our Ceragon family as the new CEO. We believe Doron's significant leadership experience at Ceragon and elsewhere will be a great asset to this exciting new chapter of the Company," said Zohar Zisapel, Chairman of the Board of Directors. "We are confident Doron will move Ceragon forward with the speed and the foresight required to capitalize on the global opportunities in front of us."
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www.prnewswire.com
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https://www.prnewswire.com/il/news-releases/doron-arazi-to-succeed-ira-palti-as-ceo-of-ceragon-networks-301266571.html
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Evergrande's stock was suspended from trading on Monday as the debt-ridden Chinese company nears a deal to sell its property management unit. Shares in Hopson Development, another Chinese property company, were also suspended amid reports it was set to buy a 51pc stake in Evergrande Property Services for more than HK$40bn (£3.8bn). The deal would be Evergrande's largest asset sale yet as it battles to ease the burden of its $305bn debt pile. It follows similar sales completed to reduce debts, including the sale of Evergrande's 20pc stake in Shengjing Bank, which raised around $1.5bn (£1.1bn). The Chinese state has encouraged state-owned enterprises to buy distressed Evergrande assets in order to diffuse the situation.
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www.telegraph.co.uk
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https://www.telegraph.co.uk/business/2021/10/04/china-brink-property-crisis-evergrande-shares-suspended
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Banks and NBFCs are becoming increasingly cautious in growing their unsecured loan portfolios due to concerns about customer over-leveraging and rising default risks. Institutions like Axis Bank, Kotak Mahindra Bank, Bajaj Finance, and Piramal Finance are tightening lending standards and focusing on risk management to navigate the current challenges in the unsecured lending space.
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hellobanker.in
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https://hellobanker.in/banks-and-nbfcs-exercise-caution-in-unsecured-loan-growth-due-to-customer-over-leveraging
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The final, and most important, leg of the turnaround is being driven by asset sales. Before our purchase, the company had sold 13 sites for proceeds of $67M, which was 4X the value at which the sites were carried on the books. Since our purchase, the company has sold an additional four sites for $110M. BlueLinx currently owns 33 distribution centers totaling almost 6 million square feet, and has stated that sales could effectively double with virtually no increase in its footprint.
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www.valuewalk.com
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https://www.valuewalk.com/greenhaven-road-capital-4q17-investment-letter/
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Aircastle Asia Pacific executive vice president Nigel Harwood told AAX in an e-mail that his firm is not seeking liquidation of the airline, according to the court filings.
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www.hospitalityireland.com
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https://www.hospitalityireland.com/general-industry/most-of-airasia-xs-lessors-support-a-restructuring-plan-119539
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What's more, growing concerns about the big spike in COVID-19 infections in major markets such as Florida, Texas, and Arizona, where Macy's operates many stores, along with new unemployment claims still exceeding 1 million a week have dampened expectations around retail's recovery, especially for nonessential spending. Macy's moves will save it $365 million this year, or $630 million on an annual basis. The company has recently made a number of financial moves to bolster its cash position and access to credit by $4.5 billion to give it the breathing room that its smaller rivals J.C. Penney and Neiman Marcus, which both recently filed for bankruptcy protection, didn't have. A few weeks before the pandemic struck the United States, Macy's had announced a splashy turnaround plan to become leaner, a smaller but better retailer, shedding 125 stores that last year brought in $1.4 billion and cutting 2,000 corporate jobs, while improving stores and refining its merchandise point of view.
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fortune.com
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https://fortune.com/2020/06/25/macys-layoffs-corporate-job-cuts-coronavirus-sales-retail
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A leading mortgage servicer, Ocwen Financial Corporation, has already signed an agreement with the Department of Financial Services (DFS) promising to refrain from charging homeowners for such costs. Ocwen agreed it would not penalize homeowners affected by the Baum closing in an amendment to an agreement reached in September with DFS to adhere to groundbreaking mortgage servicing reforms designed to address troublesome practices in the servicing industry generally. Based in Amherst in Erie County, Baum closed after being fined $2 million by the federal government for its foreclosure practices, including allegations of "robo-signing," and after Freddie Mac and Fannie Mae removed the firm from their lists of approved law firms. The Baum firm represented plaintiffs in an estimated 40 percent of the foreclosure proceedings in New York in 2010. Servicers across the state will now have to hire new counsel, who will have to gather and review case files, and ask courts for the approval of new legal representation.
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www.dfs.ny.gov
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https://www.dfs.ny.gov/reports_and_publications/press_releases/pr1112161
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The case concerned Compuage Infocom Limited (" CIL "), an Indian IT distributor facing financial distress, which led to defaults. This triggered the CIRP under the Code, leading to the appointment of a Resolution Professional (" RP ") to oversee the process. As part of the insolvency proceedings, the RP sought recognition of the CIRP in Singapore under the Model Law, incorporated into Singapore law through the Insolvency, Restructuring and Dissolution Act 2018. This was required to be done by the RP to seek recognition and access CIL's Singapore bank statements and facilitate the repatriation of its assets to India.
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www.barandbench.com
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https://www.barandbench.com/law-firms/view-point/singapore-recognises-indian-corporate-insolvency-resolution-procedure-under-ibc-2016
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Gains or losses from equity securities and interest and other could vary from expectations depending on fixed income and equity market volatility; gains or losses realized on the sale or exchange of securities; gains or losses from equity method investments; impairment charges related to marketable, non-marketable and other investments; interest rates; cash balances; and changes in fair value of derivative instruments. Intel's results could be affected by the amount, type, and valuation of share-based awards granted as well as the amount of awards cancelled due to employee turnover and the timing of award exercises by employees. Intel's results could be impacted by adverse economic, social, political and physical/infrastructure conditions in the countries in which Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates.
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www.e-channelnews.com
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https://www.e-channelnews.com/intel-lowers-first-quarter-gross-margin-forecast-due-to-lower-nand-flash-memory-prices
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A Hyundai Merchant Marine container ship docks at the Busan New Port in September to fill the void created by Hanjin Shipping after it filed for court receivership at the end of August. The government and creditors pushed Hyundai Merchant Marine as the successor to Hanjin, once the nation's top shipping line. Hyundai Merchant Marine, though, failed to acquire Hanjin's core assets on its Asia-U.S. route and is struggling to join a global shipping alliance, both crucial to its business turnaround plans. [JOONGANG ILBO]
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koreajoongangdaily.joins.com
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https://koreajoongangdaily.joins.com/2016/12/09/industry/Doubts-about-alliance-hit-HMM-shares/3027269.html
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The bulk of that, however, will come from cloud and software revenues, which SAP sees rising by between 8.5% and 10% to as high as €22.7 billion. "In 2018, SAP hit or exceeded all guidance metrics even after multiple raises," said CEO Bill McDermott. "With Qualtrics joining SAP, we are now poised to revolutionize the business software industry with Experience Management. With a consistent track record of unprecedented growth behind us, we are leading our stakeholders forward to bridge the experience gap." SAP shares were marked 2.65% lower by mid-day in Frankfurt, compared to a 0.21% gain for the benchmark DAX performance index, and changing hands at €89.91 each. The move extends the stock's three-month decline to around 3% and gives Europe's most valuable tech company a market cap of around €108 billion.
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www.thestreet.com
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https://www.thestreet.com/investing/earnings/sap-slides-after-restructuring-plans-cloud-solid-q4-earnings-2019-outlook-14848020
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By the time Sears Holdings filed for bankruptcy in 2018, it had surely reached some sort of financial engineering singularity, if such a thing is possible. Under Eddie Lampert's majority ownership and executive stewardship as CEO, a headache-inducing web of interrelated financial relationships had been created around and through the retailer. When all the asset sales, spinoffs and loans were finalized over the course of more than a decade, Lampert and his hedge fund were Sears' largest shareholder and lender, as well as a major landlord and supplier. Read more at Retail Dive.
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mr-mag.com
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https://mr-mag.com/how-years-of-investor-friendly-finance-left-retailers-vulnerable-to-crisis
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Kerkorian, through his associate, Jerome York, has expressed frustration with G.M. management's pace on a turnaround plan. Mr. York, who sits on G.M.'s board, called in a January speech for G.M. to eliminate some of its divisions and praised Mr. Ghosn's turnaround at Nissan. Mr. Ghosn and Mr. Wagoner met for the first time on July 14 and again last week in Paris. But even before the Paris meeting, word emerged that G.M. had severe doubts about an alliance with the French and Japanese companies. G.M. proposed that Renault and Nissan make a multibillion-dollar compensation payment up front, to reflect G.M.'s belief that it brought more value to the merger. Meanwhile, Nissan and Renault executives warned their G.M. counterparts that they needed to be concerned about Toyota, which could pass G.M. this year to become the world's biggest auto company.
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www.nytimes.com
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https://www.nytimes.com/2006/10/04/business/04cnd-auto.html
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Les performances du quatrième trimestre 2024 ont montré une faiblesse supplémentaire, avec des ventes nettes en baisse de 10,6 % à 905 millions de dollars et une perte nette de 430 millions de dollars (2,16 dollars par action). Ce trimestre a inclus 370 millions de dollars de charges de dépréciation liées au goodwill et aux actifs incorporels dans le segment des solutions orthodontiques et des implants.
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www.stocktitan.net
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https://www.stocktitan.net/news/XRAY/dentsply-sirona-reports-fourth-quarter-and-full-year-2024-results-x9ne70btoz8r.html
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RCom is merging its wireless business with rival Aircel and is also selling a 51 percent stake in its radio masts business to Canada's Brookfield Infrastructure Group for Rs 10,000 crore. Gurdeep Singh, CEO, Consumer Business, Reliance Communications, said that as a part of the company's plan reduce debt further, Anil Ambani group's office complex in the erstwhile Ranjit Hotel (near Connaught Place) in Delhi, and the sprawling Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai are on the block. The joint lenders' group is looking at Strategic Debt Restructuring (SDR) route to gain greater control in decision-making at the company, which will help to close deals in a speedy manner. Joint lenders are likely to meet this week to finalise advisors for the SDR.
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www.financialexpress.com
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https://www.financialexpress.com/industry/lenders-led-by-sbi-working-on-revival-plan-for-reliance-communication/694560
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Barclays set aside an additional £1.6bn in credit impairment charges in Q2. And there's likely to be more to come in the second half, though the bank expects the amount to fall. The Barclays share price dipped 6% on the day. As I write on Thursday, it's down another couple of percent on top of that.
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www.fool.co.uk
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https://www.fool.co.uk/2020/07/30/heres-why-i-rate-the-barclays-share-price-as-a-strong-buy-today
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Tupperware is increasing its efforts to "contemporize Tupperware" and to leverage the consumer influence" of its brand, he said. The sales force is using "digital tools and techniques to bring Tupperware's relevant products to market during unprecedented times," the company said. In May, Moody's downgraded Tupperware's credit rating to Caa3 from B3 and its probability of default rating to Caa3-PD from B3-PD. "Tupperware's significant earnings erosion in 2020, the difficulty of executing a meaningful turnaround in the current recessionary economic environment and high leverage ... create elevated default risk," the credit-rating company said then. In the current statement, Chief Financial Officer Sandra Harris said that while the company's 4.75% 2021 senior notes became current in June, it retired about $100 million of the notes at a discount to par. "Additionally, we continue to work with our advisors to explore opportunities to repurchase, refinance or extend the maturity on our debt," she said.
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www.thestreet.com
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https://www.thestreet.com/investing/tupperware-shares-jump-after-q2-profit-jump-turnaround-progress
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At present, the coffee king's Q3 2024 net margins came in at 11.6% (down 90 basis points y-o-y), and earnings per share (EPS) dropped 6% y-o-y to $0.93. Despite near-term challenges, we remain upbeat on Starbucks' prospects, anticipating a margin rebound to historical levels driven by the company's transformative turnaround strategy. CEO Brian Niccol outlined a US-focused turnaround plan centered on four key areas: barista empowerment for consistent quality, timely delivery of high-quality offerings, revitalizing the community coffee house experience, and highlighting Starbucks' unique story, including its Costa Rican coffee farm and innovation hub.
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www.trefis.com
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https://www.trefis.com/stock/sbux/articles/559176/starbucks-stock-can-2x-now/2024-10-07/?from=artPopin
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Notably, earlier it was private lender IndusInd Bank that struck a deal with IL&FS for their securities business. In fact even market watchdog Sebi also approved the bid offered by IndusInd.
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www.zeebiz.com
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https://www.zeebiz.com/india/news-rakesh-jhunjhunwala-investments-hdfc-bank-icici-bank-axis-bank-to-buy-ilfs-securities-business-76399
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On Tuesday, Reuters reported that Bombardier had indeed tried to sell a majority stake in the CSeries to Airbus. And Bombardier's stock price took off as a result. So, other investors seem to agree this would be a great way to raise cash.
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www.fool.ca
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https://www.fool.ca/2015/10/08/3-ways-bombardier-inc-can-avoid-running-out-of-cash-by-next-year
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Local banks' outstanding exposure to DSME, including debt, securities and payment guarantees, is estimated at 21.7 trillion won by NH Investment & Securities. If the estimate of 2 trillion won in losses is accurate and is reflected in its books in the second quarter, DSME's debt-equity ratio could rise to 600 percent from the current 370 percent, an analyst said. "When Daewoo issued bonds worth 500 billion won in April 2014, it agreed to keep its debt ratio below 500 percent. A rise above that level will downgrade its credit rating," an Ebest Securities analyst said. To head off that possibility, KDB is reportedly preparing a four-pronged plan that would increase paid-in capital, swap debt for equity, supply fresh capital and extend the repayment period for outstanding loans. "A combination of the four will improve [Daewoo's] financial shape without a debt workout," a KDB official said.
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koreajoongangdaily.joins.com
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https://koreajoongangdaily.joins.com/2015/07/21/finance/Uneasy-allies-try-to-right-the-ship/3006890.html
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The company, in which Alibaba has an 8.3 per cent stake as its No. 5 shareholder, defaulted on a US$300 million 7.62 per cent note that matured in April 2022, and on a US$300 million 7.6 per cent bond due last month, following Beijing's crackdown to curb developers' leverage and soaring home prices, dragging the industry into a downward spiral. Alibaba also owns the Post.
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www.scmp.com
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https://www.scmp.com/business/china-business/article/3228985/alibaba-backed-property-brokerage-e-houses-debt-revamp-plan-approved-75-cent-bondholders
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American and other airlines are under more pressure to reduce costs because of the Chapter 11 bankruptcy filing of US Airways, which continues to operate. US Airways chief executive David Siegel said at a press conference that his company was likely to have more lay-offs.
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www.theage.com.au
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https://www.theage.com.au/national/biggest-airline-slashes-7000-jobs-20020815-gduhtx.html
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As part of this analysis the Company considered the potential impact of the sensitivity of certain estimates and assumptions. These considerations resulted in an estimate of longer than expected time to generate material revenues, gross profit, and positive operating cash flows of the Nanox AI reporting unit, especially with its population health applications. Therefore, the Company determined that the value of the Nanox AI reporting unit decreased below its carrying value, and the Company recorded a goodwill impairment charge of $36.5 million in the fourth quarter of 2022.
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www.benzinga.com
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https://www.benzinga.com/pressreleases/23/03/g31275051/nanox-announces-fourth-quarter-2022-financial-results-and-provides-business-update
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A week later, shareholders in Sibanye Gold approved the purchase of Rustenburg Mines from Anglo's 80%-held listed subsidiary, Anglo American Platinum (Amplats) paving the way for regulatory clearing later this year.
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www.miningmx.com
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https://www.miningmx.com/news/markets/14712-callide-sale-small-strategic-victory-for-anglo
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Musk has spent the first two days this week testifying in a federal lawsuit over his 2018 tweet that he had "funding secured" to take Tesla private back when it was still losing money and facing a cash crunch. It turned out that he didn't have the funding secured, although he again defended the tweet in testimony this week, saying he was confident that Saudi investors were prepared to back the deal that never happened.
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www.cnn.com
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https://www.cnn.com/2023/01/25/investing/elon-musk-tesla-earnings-preview/index.html
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The cash from asset sales, the private placement, the Amplats dividend and a generous final dividend announced today by Anglo's 70%-owned Kumba Iron Ore may be used to ease pressure on Anglo's balance sheet. As of end-June 2025, Anglo had net debt of $11.1bn, up from $10.6bn at the interim stage in the group's 2023 financial year.
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www.miningmx.com
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https://www.miningmx.com/top-story/60034-anglo-to-sell-nickel-business-to-mmg-for-500m
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Jet Airways Chairman Naresh Goyal could soon step down from the restructured board of the beleaguered airline provided UAE-based Etihad Airways, which holds 24 per cent stake in the airline, pays "right price" to increase its stake in the airline. Notably, Goyal had last week rejected the Etihad proposal to buy an additional stake in Jet Airways for Rs 150 apiece. After several failed attempts to secure funding, payment defaults to lenders and salaries to the Jet employees, the Jet promoter has reportedly decided to step down from the airline board if he gets the "right valuation" for the additional stake, a Times of India report said.
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www.businesstoday.in
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https://www.businesstoday.in/sectors/aviation/naresh-goyal-may-step-down-from-jet-airways-board-but-on-one-condition/story/312427.html
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Shares of HSBC ( LSE: HSBA ) (NYSE: HSBC.US) fell as much as 6% in early trading this morning, after the company released disappointing annual results. The FTSE 100 banking giant reported a 17% dive in profit before tax in 2014 to $18.7bn. Fines, settlements and UK customer redress all took their toll in what chief executive Stuart Gulliver called "a challenging year". While the company said that on an underlying basis profit was broadly unchanged from 2013, and reported lower impairment charges and a small uptick in its common equity tier 1 capital ratio, the results were disappointing overall and below market expectations.
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www.fool.co.uk
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https://www.fool.co.uk/2015/02/23/hsbc-holdings-plc-shares-fall-heavily-on-17-profit-dive
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General Motors CEO Fritz Henderson said Wednesday the company is moving swiftly on restructuring under bankruptcy protection and the watchful eye of the president's auto task force. The automaker may be able to exit bankruptcy protection in less than the 60 days to 90 days timeline GM gave prior to its June 1 bankruptcy filing. "It could be sooner," said Henderson, speaking to reporters at The National Summit. "We're moving aggressively according to plan." He said the task force is heavily involved with restructuring GM, as the government is expected to hold a 60 per cent stake in the company when it emerges from bankruptcy protection. In addition to being a leaner, more productive company going forward, GM is planning future vehicle designs around higher oil prices.
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www.smh.com.au
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https://www.smh.com.au/business/gm-ceo-says-early-bankruptcy-exit-possible-20090618-cie2.html
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New Orleans-based Tidewater Inc. has gained more time to negotiate with its lenders and noteholders, but the beleaguered offshore service vessel company warned last week that it may file for bankruptcy court protection if key debt terms cannot be reached.
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www.theadvocate.com
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http://www.theadvocate.com/new_orleans/news/business/article_6fac1992-99ed-11e6-bd78-ff17268589e2.html
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While members love our content, hardware sales did not match our expectations." Lululemon's year-over-year total revenue increased 30% to $2.8 billion in 2022, but the company took $443 million in impairment charges related to Mirror in the fourth quarter. "We are pivoting away from the hardware-centric business that we acquired to also focus on a more efficient app-based model," Lululemon said in its Q4 2022 earnings call. Mirror's struggles are on par with other hardware-focused fitness companies as customers inch back toward pre-pandemic levels of gym visits.
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frontofficesports.com
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https://frontofficesports.com/lululemon-explores-mirror-sale-in-pivot-from-fitness-hardware
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Adjusted operating income/Adjusted EBITDA from Coty Inc., (as well as adjusted operating income margin and adjusted EBITDA margin, which are calculated by dividing Adjusted operating income from Coty Inc. and Adjusted EBITDA from Coty Inc., respectively, by net revenues) exclude restructuring costs and business structure realignment programs, amortization, acquisition- and divestiture-related costs and acquisition accounting impacts, stock-based compensation, and asset impairment charges and other adjustments as described below. For adjusted EBITDA and adjusted EBITDA margin, in addition to the preceding, we exclude the adjusted depreciation as defined below. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance.
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www.benzinga.com
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https://www.benzinga.com/pressreleases/24/05/b38654094/coty-reports-strong-results-ahead-of-beauty-market-with-double-digit-growth-fytd
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It's been an interesting year for investors in Tesco ( LSE: TSCO ). Its share price has been as high as 251p after the market became rather excited about its turnaround plan, but since their April high they have plummeted to 165p within the last month as investors have gradually realised that it will take years, rather than months, to turn the retail giant around.
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www.fool.co.uk
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https://www.fool.co.uk/2015/10/02/is-tesco-plc-really-worth-180p
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BOYERTOWN, Pa., June 24 /PRNewswire-FirstCall/ -- National Penn Bancshares, Inc. (Nasdaq: NPBC ), the parent company of National Penn Bank and Christiana Bank & Trust Company (Christiana), announced today that it has signed a definitive agreement under which WSFS Financial Corporation (Nasdaq: WSFS ) would acquire the stock of Christiana for a cash purchase price of $34.5 million. The transaction, anticipated to close in the fourth quarter of 2010, is subject to regulatory approval. The sale includes the trust asset administration business, with annual revenue of approximately $6.5 million, and two commercial bank branches located in Delaware. The transaction will result in an approximately $8 million goodwill impairment charge related to the trust asset administration business, specifically at Christiana, in the second quarter 2010.
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www.prnewswire.com
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https://www.prnewswire.com/news-releases/national-penn-bancshares-inc-to-sell-its-christiana-bank--trust-unit-to-wsfs-financial-corporation-97104744.html
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Unite, which represents 6,000 managers, has written to Royal Mail's chief executive Rico Back expressing its concerns, as the company announced a £1.8 billion turnaround plan for the next five years in the UK postal service.
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wrp.org.uk
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https://wrp.org.uk/news/royal-mail-job-security-crisis
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Acorda Therapeutics, Inc. has initiated voluntary Chapter 11 proceedings and is working to sell its assets for $185 million to Merz Pharmaceuticals, LLC, subject to higher bids and court approval. Concurrently, the company has secured debtor-in-possession financing to maintain operations, with terms including a $60 million credit facility. These strategic moves aim to stabilize the company's operations while they navigate through bankruptcy and restructuring efforts.
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www.tipranks.com
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https://www.tipranks.com/news/company-announcements/acorda-therapeutics-strategic-bankruptcy-and-asset-sale-plan
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''We welcome confidence in Ford and the progress we are making on our transformation plan. Any investor can purchase Ford shares, which are sold on the open market,'' Mulally and Ford Executive Chairman Bill Ford said in a joint statement. ''The Ford team remains focused on executing our plan to transform Ford into a lean global enterprise delivering profitable growth for all.''
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www.manufacturing.net
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https://www.manufacturing.net/supply-chain/news/13066709/ford-turnaround-draws-billionaires-interest
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Related: Bitcoin production growth and capital strategy guiding Marathon Digital — CEO "In Q2, we grew our energized hash rate 54% from 11.5 to 17.7 exahashes," Thiel reported. He added Marathon also increased its Bitcoin production with a record 2,926 Bitcoin mined during the quarter, representing around 3.3% of the network's rewards over that time. Marathon reported a $23.4 million gain due to selling 63% of the Bitcoin mined in the quarter, used to fund operating costs. Impairment charges on the value of its held digital assets were $8.4 million.
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cointelegraph.com
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https://cointelegraph.com/news/marathon-digital-q2-results-miss-forecasts
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AlixPartners declined to comment. A representative for Berkeley Research Group didn't immediately respond to a request for comment. Bed Bath & Beyond is approaching a potential bankruptcy, as its sales decline and losses grow. The company's store shelves have gotten barer as suppliers demand upfront payment, stop shipping goods or change other payment terms. Bed Bath issued a "going concern" warning last week, saying it may run out of funds to cover expenses. Bed Bath had about 32,000 employees, as of Feb. 26, 2022, according to a company filing. But since then, the company's employee count has gotten smaller. In August, it said it would cut about 20% of its corporate and supply chain workforce and close about 150 of its namesake stores. Earlier Tuesday, Gove told investors that Bed Bath has made progress in reducing its operating expenses and will cut costs by an additional $80 million to $100 million, with some of those savings coming from a reduced workforce.
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retailwit.com
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https://retailwit.com/bed-bath-beyond-lays-off-more-employees-as-it-struggles-to-survive
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Will Vistra's (VST) Dividend Hike Amid Lower Net Income Signal a Shift in Capital Allocation? - Simply Wall St News
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simplywall.st
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https://simplywall.st/stocks/us/utilities/nyse-vst/vistra/news/will-vistras-vst-dividend-hike-amid-lower-net-income-signal
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Proceeds from these sales will further fortify our already healthy balance sheet, enhance our liquidity and position Highwoods to take advantage of future growth opportunities." As part of the sale of One Independence Park, the Company provided $9.8 million in non-recourse first mortgage seller financing. The note bears interest at an annual rate of 5.50% and is scheduled to mature in November 2023, but can be prepaid without penalty at any time prior to maturity. The cash proceeds received from both dispositions have been used to reduce amounts outstanding on the Company's revolving credit facility and for general corporate purposes. About Highwoods Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index.
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1reason.com
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https://1reason.com/real-estate-news/highwoods-announces-40-2m-of-non-core-asset-sales
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Boeing told nonunion corporate staff in an all-hands virtual meeting this month that it will begin outsourcing finance and accounting jobs to Tata Consultancy Services of India. Boeing said Tuesday that about 150 jobs nationwide will be cut in the first batch of layoffs, with more to come next year and thereafter. The first layoff notices will go out in October. "The Finance team is planning for lower staffing levels as it simplifies processes, improves efficiency and shares select work with an outside partner," Boeing said in a statement, adding that it "will assess future impacts as the process continues in the coming years."
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www.goingconcern.com
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https://www.goingconcern.com/boeing-starts-layoffs-in-finance-and-accounting-will-outsource-the-work-to-india
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Again, that hasn't stopped Landing International Development investing an extra US$300 million into its ambitious Jeju IR, Jeju Shinhwa World – announcing on 21 September that it now plans to launch casino operations from 8 December 2017 along with Marriott Resort, Landing Hotel, a MICE center, themed restaurants, food streets and a retail mall.
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asgam.com
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https://asgam.com/2017/09/28/korea-into-the-unknown
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Sources said other lenders, including IDBI Bank and ICICI Bank, went along with Gaur, saying the cash-strapped group has not shied away from asset sales to repay lenders.In the past, Jaypee Associates, the majority owner of Jaypee Infratech, has sold off its cement and power assets to pare its loan burden but that came late after it repeatedly defaulted in loan repayment. While IDBI is the lead len der to Jaypee Infratech, ICICI Bank is the lead lender to Jaypee Associates, the entity that has been asked to deposit Rs 2,000 crore in the Supreme Court, something which is seen as a tough ask. Sources, however, played down the issue, maintaining that Tuesday's meeting was held for merely to take stock and the date for seeking investments is yet to be firmed up.
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timesofindia.indiatimes.com
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https://timesofindia.indiatimes.com/business/india-business/jaypee-infra-may-raise-up-to-rs-2k-cr/articleshow/60773147.cms
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Shimao was given a four-week reprieve by a Hong Kong court on Wednesday, giving it more time to secure lenders' approval for its debt restructuring proposal, as a growing number of creditor-led liquidation petitions put pressure on the sector. Country Garden Holdings, once China's biggest developer by sales, is also facing a liquidation hearing next month, while Dexin, a medium-sized developer in the east Zhejiang province was ordered by a Hong Kong court to be liquidated this month. "The policy effect of stimulating demand is limited," said Zhao Xuxiang, an analyst at Orient Securities.
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ca.finance.yahoo.com
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https://ca.finance.yahoo.com/news/soho-china-shimao-r-f-093000063.html
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"Whilst we remain confident in our turnaround plan, the level of sales growth in our final quarter leads us to expect that full-year profits will be towards the lower end of the current range." Carpetright's slowing sales growth marks a wobble in its recovery after returning to positive UK sales in the previous three months. The group suffered a bumpy 2016 after the June 23 vote for Brexit, alongside the collapse of the pound, with first half profits slumping 42% to £4.1m after falling demand from consumers, increasing competition and rising costs of imported goods. But Mr Walsh plans to plough on with its overhaul, having refurbished 188 stores in its fourth quarter, more than the 150 expected. Carpetright has closed three stores and relocated two stores into smaller sites, leaving it with 414 in the UK and 13 concessions.
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www.belfasttelegraph.co.uk
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http://www.belfasttelegraph.co.uk/business/news/sales-down-at-carpetright-as-consumers-cut-spending-35653234.html
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Two more vessels have been ordered from shipbuilding yards, scheduled for delivery in 2013. In the company's earnings report, DryShips said, "During the next few months we plan to take active steps to monetize DryShips' most prized asset, its shares of Ocean Rig common stock, through a public listing in the U.S." The move comes as the dry-bulk shipping industry struggles through its worst market for freight rates since the darkest days of the financial crisis. This time, rates have collapsed because of a massive glut of new ships, ordered by shipowners when business was flush during the pre-crisis boom years. DryShips' rig business has allowed the company to avoid some of the financial distress suffered by other publicly traded dry-bulk companies, many of which -- Eagle Bulk Shipping ( EGLE ) and Excel Maritime ( EXM ), for instance -- swung to losses in the first quarter. In late-morning trading Friday, shares of DryShips were declining by 2.2% to $4.58.
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www.thestreet.com
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https://www.thestreet.com/investing/stocks/dryships-drill-rig-ipo-in-next-few-months-11118205
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BP PLC (LSE:BP.) shares may be under scrutiny, but RBC Capital believes the oil giant can win back investor confidence — if it can get 'runs on the board' with its asset sales.
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www.proactiveinvestors.co.uk
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https://www.proactiveinvestors.co.uk/companies/news/1067726/bp-must-get-runs-on-the-board-with-disposals-to-keep-ahead-of-its-critics-says-leading-investment-bank-1067726.html
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Australia's Woodside Energy Group (ASX: WDS ) said today that it would book a nearly $4.4 billion expense this year, as changes in its asset depreciation calculation method outweighed a tax benefit and a reversal of an impairment charge. The country's biggest independent gas producer said it had reviewed the methodology it follows to calculate depreciation of its oil and gas properties, after taking into account the scale of its portfolio since acquiring BHP Group's petroleum assets. Woodside's statement: Asset value review: impairment reversals and deferred tax asset recognition Woodside has undertaken a review of the year-end carrying values of its assets in accordance with its accounting policies and the accounting standards.
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www.energyvoice.com
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https://www.energyvoice.com/oilandgas/482704/woodside-energy-to-book-nearly-4-4bn-depreciation-hit/
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Where the company in liquidation is the Respondent, the Companies Act prohibits commencement or continuation of legal proceedings against a company after winding up has commenced, unless with leave of the court. The existing case authority in Singapore have been consistent in ensuring that the SOPA regime and Adjudication cannot be exploited to give a creditor Claimant an advantage in the winding up of the Respondent. In the case where the claimant would like to seek (additional) recourse from the court, the overriding principle is "fair play and commercial morality" - The court will consider whether the detriment caused to the defendant's general body of creditors would far exceed any hardship to the plaintiff ( W Y Steel Construction Pte Ltd v Tycoon Construction Pte Ltd (in liquidation) [2016] SGHC 80).
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www.jdsupra.com
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https://www.jdsupra.com/legalnews/adjudication-and-insolvency-interface-4910543
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Kemsley, 44 Misc. 3d 773 (N.Y. Sup. 2014) (chapter 15 recognition was not necessary to enforce, at the request of an individual debtor, a discharge order in a UK bankruptcy proceeding, even though a U.S. bankruptcy court previously denied the UK bankruptcy trustee's petition for chapter 15 recognition of the bankruptcy, because chapter 15's plain language applies only to a "foreign representative" such as a trustee). The Third Circuit's decision in Vertiv adds another chapter to the debate. The refreshed guidance it provides illustrates that, notwithstanding chapter 15, there may be other comity avenues for foreign debtors or tribunals to utilize to centralize restructuring-related claims and issues in a foreign restructuring proceeding. At a minimum, the updated comity guidance provided by the Third Circuit is also instructive for analyzing whether to extend comity to judgments in non-insolvency proceedings taking place abroad. Read the full Business Restructuring Review.
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www.jdsupra.com
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https://www.jdsupra.com/legalnews/third-circuit-updates-its-standard-for-5598494
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The Lloyds share price saw a stellar rise despite for the first quarter (Q1) of 2025 reporting a 7% decrease in its statutory profit after tax of £1.1 billion from the same period in 2024, primarily due to increased operating costs and a higher impairment charge of £309 million.
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www.ig.com
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https://www.ig.com/uk/news-and-trade-ideas/_where-to-next-for-the-lloyds-banking-group-share-price--250606
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That said, assuming you want Gamestop to survive as an operating business, this is a great move on management's part. Up until last year, the company was in such financial distress that it was having to sell off its corporate jet, office buildings and other assorted assets to have enough capital to keep its stores stocked with inventory. In all likelihood, Gamestop would have eventually gone bankrupt if not for r/WallStreetBets.
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investorplace.com
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https://investorplace.com/2021/04/gme-stock-still-overvalued-but-fundamentals-are-improving
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True Religion had been on the watch list of some credit ratings agencies, which cited its high debt levels as a significant pressure on its balance sheet. Back in September 2016, Fitch Ratings cited seven U.S. retailers with significant default risk through 2018. These included Sears Holdings Corp.; Claire's Stores; True Religion ; 99 Cents Only Stores; Nebraska Book Co.; Nine West Holdings, and Rue21 Inc. Of the firms cited, True Religion and Nine West are primarily wholesalers, even though they have enough stores to be considered "retail" operators.
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wwd.com
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https://wwd.com/feature/true-religion-bankruptcy-raises-questions-fashion-brands-restructuring-leveraged-balance-sheet-private-equity-nine-west-vince-nydj-10940002
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Monte dei Paschi is a simpler case. The only major bank to fail the European Banking Authority's (EBA) most recent stress test, it has lost €15 billion over the past five years because it has nearly €30 billion in non-performing loans on its books. A plan developed to save Monte dei Paschi involves slashing 2500 jobs, closing 500 of its 2000 branches, selling-off its non-performing loans and its payment processing system, and raising capital through a debt-to-equity swap and a €5 billion share issue. By October 27, Deutsche Bank shares were trading at €14.60, one-tenth of its 2007 high point. On the same day, trading in Monte dei Paschi shares was suspended after they fell to €0.27 on the announcement of the restructuring plan. In 2007 they had reached a high of €108.52. Debt and insolvency threat These enormous collapses in share value would seem to confirm the predictions of impending disaster.
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www.greenleft.org.au
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https://www.greenleft.org.au/content/new-european-financial-crash-just-around-corner
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Anthem said in an emailed statement that it plans to meet with stakeholders, including hospitals. "Our commitment to ensuring consumers have access to affordable health coverage and quality care is the foundation of the proposed transaction," the statement said. On July 24, Anthem announced plans to buy Cigna for $47 billion, just weeks after Aetna Inc (AET.N) inked an agreement with Humana Inc (HUM.N). The deals will reduce the number of national insurers to three from five. Anthem and Cigna have said they expect the deal to pass antitrust scrutiny and they have considered where asset sales might be needed. The hospital association said in the letter dated Aug. 5 that it doubted Anthem and Cigna would find a suitable buyer for assets that provide insurance plans to millions of customers, also known as covered lives. "In the 817 at-risk markets, over half the lives that need to be divested reside across 368 (metro regions) and rural counties with no divestiture possibility," the group wrote.
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finance.yahoo.com
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https://finance.yahoo.com/news/u-hospitals-urge-doj-antitrust-182345067.html
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We got the shocking news today that Hostess Brands, the maker of childhood memories (I mean, pastries), is shutting down operations. Sure, the company had gone through labor fights and Chapter 11 bankruptcy filings. But they also had Ho Hos. And Ding Dongs. How will tomorrow's children be able to group themselves, if not into factions of powdered versus chocolate Donettes? News reports say the company will sell its assets to the highest bidder.
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www.csmonitor.com
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https://www.csmonitor.com/The-Culture/Family/Modern-Parenthood/2012/1116/Hostess-5-Hour-Energy-Tamera-Mowry-and-more-Our-parenting-news-roundup
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In October 2008, ICI assigned its rights and obligations under the sub-charter to a subsidiary of Star Bulk in exchange for ICI being released from the remaining term of the ICI charter. According to press reports, ICI subsequently filed for protection from its creditors in a Greek insolvency proceeding. Oldendorff notified Star Bulk that it considers the assignment of the sub-charter to be an effective repudiation of the sub-charter by ICI. Star Bulk believes that the assignment was valid and that Oldendorff has erroneously repudiated the sub-charter.
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www.marinelink.com
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https://www.marinelink.com/news/results-bulk-star328902
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Investors also bought shares of large caps such as Kasikornbank Pcl that had led recent market slides. "Local players were active in the morning session. I think, broadly, investors expect that the issue about U.S. budget and debt ceiling will be resolved in time," said strategist Teerawut Kanniphakul at broker CIMB Securities. Other Southeast Asian stocks markets were rangebound with Asian shares reversing early losses as data showed China's services industry continued to expand, soothing to some extent nerves jarred by fears of a U.S. debt default as the U.S. government shutdown entered a second week. Among the gainers in the region, Singapore's Straits Times Index edged up 0.4 percent to 3,147, recouping early losses after Monday's slip to near a three-week low.
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finance.yahoo.com
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http://finance.yahoo.com/news/se-asia-stocks-indonesia-ahead-063727725.html
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Alibaba Group's CEO Daniel Zhang said, "We've been stressing the idea of agility and being a more nimble and agile organization for several years now." The Group will continue to sell off less strategic investments to improve its capital structure, as well as carry on with the already authorized $25 billion share buyback program. Analysts remain highly bullish about Alibaba's stock trajectory going forward and have awarded the stock a Strong Buy consensus rating. Disclosure
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www.tipranks.com
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https://www.tipranks.com/news/heres-the-latest-on-alibabas-nysebaba-restructuring-plans
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California utility giant Pacific Gas & Electric Co. and seven smaller peers filed Feb. 6 to the state Public Utilities Commission their mandated 2019 plans for boosted infrastructure, technology and operations upgrades to respond to and prevent wildfires that have already devastated big parts of their service areas. PG&E in particular is under scrutiny for its role in 2017 and 2018 fires, with potential liability leading to the publicly-traded firm's Jan. 29 bankruptcy filing. Its mitigation plan could cost between $1.7 billion and $2.3 billion to implement, said the utility.
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www.enr.com
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https://www.enr.com/articles/46374-in-bankruptcy-utility-pge-faces-big-spend-to-cut-fire-risks
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Multiple stores are set to close as part of a restructuring plan that will be put through the High Court. Pepco claimed that the increased employer National Insurance contributions - which kicked in in April - put extra pressure on Poundland which saw sales down in January and February of this year. A number of Poundland stores have closed under Pepco ownership and more closures are planned.
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www.express.co.uk
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https://www.express.co.uk/news/uk/2068112/poundland-sold-store-closures-list
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Exiting the car business, the United States Suzuki branch said the Chapter 11 bankruptcy filing was done to allow a smooth transition for setting up service networks for existing Suzuki vehicles. Suzuki is assuring owners of their products that warranties will remained honoured. However, the ability to find parts for Suzuki vehicles could be difficult heading into the future. Another long-term effect likely to plague Suzuki automobiles in the United States will be resale value. Unlike the United States entity of Suzuki that has filed for bankruptcy in order to wind down their automotive sales as well as restructure their remaining operations, other North American subsidiaries of the Japanese corporation in Canada and Mexico will be unaffected. Information source: American Suzuki Motor Corporation, Suzuki Motor Corporation Photo source: American Suzuki Motor Corporation, Chris Nagy
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www.automoblog.com
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https://www.automoblog.com/suzuki-saying-sayonara-to-us-auto-market
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Retailers that have sought court protection over the past year include Steve & Barry's LLC, Sharper Image Corp., Shoe Pavilion Inc., Levitz Furniture Inc. and Linens 'n Things Inc. Declining home values, tightening credit and rising energy costs have left U.S. consumers "tapped out," said Martin Bienenstock, a bankruptcy lawyer with Dewey & LeBoeuf in New York. Sun Capital was part of a private-equity group that bought Mervyn's from Minneapolis-based Target for $1.65 billion in 2004. The Sun Capital holdings that have sought bankruptcy protection are Lillian Vernon Corp., Powermate Corp., Crafts Retail Holding Corp., Wickes Furniture Co. and Jevic Transportation Inc.
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mishtalk.com
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https://mishtalk.com/uncategorized/credit-crunch-reaches-critical-mass
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"Dropbox slightly reduced its sales and marketing costs and kept its G&A expenses constant while growing R&D spend," the analyst explained. "This would have led to lower operational costs of around $120 million had it not taken an impairment charge from real estate. However, it made up for that with a one-time tax benefit that almost doubled its income per share. So it's a similar story for Dropbox and the pressure is on Drew Houston to find a way to grow faster in 2023. Maybe the FormSwift acquisition can help with that."
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siliconangle.com
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https://siliconangle.com/2023/02/16/dropboxs-stock-falls-struggles-squeeze-revenue-existing-customers
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NBCC, had during the lenders meet, sought some time to take all the necessary approvals. But the lenders decided to put on vote on April 30, the offer of Suraksha Realty-led consortium and not that of NBCC. According to sources, the Ministry of Housing and Urban Affairs has also approached the Department of Investment and Public Asset Management and the Department of Expenditure for seeking approval on revised bid. In a letter to the IRP, NBCC said it is very much interested in acquiring bankruptcy-bound Jaypee Infratech. NBCC had informed to the lenders panel that the company was in process of seeking government approvals and it should be given some time before the voting could be carried out on its plan, the letter said. "NBCC continues to be very interested in the resolution process and accord the interest of the home-buyers, utmost priority," the letter said adding that the company entered into insolvency proceedings of Jaypee Infratech to provide relief to over 20,000 home-buyers.
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www.thehansindia.com
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https://www.thehansindia.com/amp/business/jaypee-infra-insolvency-nbcc-wants-its-bid-to-be-considered-on-merit--525298
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With the worst of the impairment charges now behind it and significant cost-cutting initiatives implemented, I believe that a better-structured Barclays PLC (ADR) (NYSE:BCS) is in pole position to see earnings rocket. I expect revenue improvements at home to keep rolling, while expanding activities in hot emerging markets should help to support longer-term strength.
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www.insidermonkey.com
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https://www.insidermonkey.com/blog/how-barclays-plc-adr-bcs-measures-up-as-a-garp-investment-172920
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Can JetBlue Cut Costs and Maintain Margins While Fuel Prices Keep Rising? JetBlue reported a loss in the second quarter, but that was because it took an impairment charge of more than $300 million for early retirement of its E190 fleet. Still, it's not clear whether JetBlue is as strongly positioned, financially, as some of its U.S. rivals. Can JetBlue make up ground? Or is it too small to compete in an industry where bigger is almost always better?
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skift.com
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https://skift.com/2018/07/26/are-investors-ready-to-forgive-u-s-regional-airlines
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But Tshwane MMC for Finance, Jacqui Uys, said the stable outlook rating coupled with the 2023 qualified audit report reflected a step in the right direction for the City. The latest development, according to Uys, served as evidence that the City's turnaround plans were starting to bear fruit. She said: "The City of Tshwane welcomes the decision by Moody's Ratings to retain our ratings status and upgrade our outlook from negative to stable. This follows a notice to review our rating and possibly put the City on a further downgrade in March 2024." Moody's, she said, confirmed the City's Caa2 long-term issuer rating and its Caa2 BCA and its Caa1.za NSR long-term issuer rating. "This is a positive development that will assist the City as we work to stabilise our finances," Uys said. She said the City was working to rebuild its tax administration to achieve further upgrades, which would enable it to borrow capital funding for infrastructure projects.
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www.iol.co.za
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https://www.iol.co.za/pretoria-news/news/moodys-gives-tshwane-improved-rating-0c3649bd-b034-4330-9d8d-d734b664db31
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On the same day that Silvergate announced its voluntary closure, another California bank, Silicon Valley Bank, made some dire announcements about selling off distressed assets, taking out loans, and the emergency sale of stock. This, inevitably, led to a bank run, and days later, a collapse.
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protos.com
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https://protos.com/a-year-on-from-the-us-regional-banking-crisis-whats-changed
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In the UK, Barclays has seen renewed growth in mortgage lending, card acquisitions, and corporate banking. Barclays UK reported strong financial results for Q2 2025, with income up 11% year-on-year to £2.1 billion and profit before tax stable at £0.8 billion despite higher impairment charges:
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www.investing.com
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https://www.investing.com/news/company-news/barclays-q2-2025-slides-rote-rises-to-123-as-strategic-shift-progresses-93CH-4156433
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Steel firms Tata Steel Ltd (TSL) and JSW Steel Ltd acquired steel assets that were under insolvency proceedings, seeing them as an opportunity to gain capacity cheaply and quickly in a fast-expanding market compared with executing green-field projects, it said.
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www.business-standard.com
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https://www.business-standard.com/amp/article/pti-stories/buyout-of-distressed-indian-steel-assets-to-increase-leverage-of-acquiring-cos-fitch-118100401081_1.html
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Earlier on February 24, the NCLAT stayed the insolvency proceedings initiated against ZEEL. Admitting a petition filed by ZEEL Managing Director and Chief Executive Officer Punit Goenka, the appellate tribunal issued notices to private sector lender IndusInd Bank and the interim resolution professional directing them to file a reply in two weeks. On February 22, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted a plea filed by IndusInd Bank to initiate insolvency proceedings against ZEEL. It had also appointed an interim resolution professional after suspending the board.
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news.abplive.com
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https://news.abplive.com/business/zee-entertainment-and-iprs-settle-dispute-withdraw-insolvency-petition-1586760
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Vaidyanathan, who founded Capital First that merged into IDFC Bank in December 2018 to create IDFC First Bank, has done this earlier too. In May 2021, he had gifted 1.5 lakh shares each to three persons to buy homes.
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www.moneycontrol.com
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https://www.moneycontrol.com/news/business/companies/idfc-first-bank-md-and-ceo-v-vaidyanathan-gifts-shares-worth-rs-4-83-crore-for-social-causes-8144401.html
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Jet Airways (India) also said after market hours on Wednesday that the board of directors of the company has approved the sale of the Jet Privilege Frequent Flyer Programme business of the company to its subsidiary, Jet Privilege as a going concern on a slump sale basis. The company and Etihad Airways PJSC have also agreed to make equity investment in Jet Privilege following which Jet Privilege will become 50.1% owned by Etihad Airways PJSC (with Jet Airways holding approximately 49.9%).
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www.business-standard.com
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https://www.business-standard.com/article/news-cm/jet-airways-gains-over-3-in-two-days-113112100223_1.html
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The satellites, meanwhile, have to get their debt levels down: deals done so far show that devolution and de-gearing can both occur, through asset sales, the acquisition and internalisation of Macquarie's management rights, and through outright takeouts, such as Canada Pension Plan Investment Board's $1.6 billion purchase of Macquarie Communications Infrastructure Group. Macquarie and MAP gave no hint yesterday about which paths were being considered, but the trading halts shows that the unwinding of the old model is accelerating. Macquarie Mark II may not book the super profits it achieved in the boom, but it will still be solid: in a report upgrading Macquarie to a buy this week, Citigroup says Big Mac's return on equity could expand by more than 50 per cent between now and 2012. AND now, the curious case of the rising and falling underpants.
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www.smh.com.au
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https://www.smh.com.au/business/macquarie-does-its-figures-while-undies-hug-them-20090723-duwt.html
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Based on Seres' current cash, its future operating plans, and the capital expected to be obtained from the transaction, the Company anticipates being able to extend its cash runway into Q4 2025, subject to performance under the transition services agreement. About Seres Therapeutics Seres Therapeutics, Inc. (Nasdaq: MCRB ) is a commercial-stage company developing novel microbiome therapeutics for serious diseases. VOWST™ obtained U.S. FDA approval in April 2023 as the first orally administered microbiome therapeutic to prevent recurrence of C. difficile infection (CDI) in adults following antibacterial treatment for recurrent CDI and is being commercialized in collaboration with Nestlé Health Science. Seres is evaluating SER-155 in a Phase 1b study in patients receiving allogeneic hematopoietic stem cell transplantation. SER-155 has potential to reduce the incidence and severity of gastrointestinal and related bloodstream infections, and the incidence of acute graft-versus-host disease.
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www.stocktitan.net
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https://www.stocktitan.net/news/MCRB/seres-therapeutics-enters-into-memorandum-of-understanding-for-vowst-2bp8f311jsob.html
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AIG ( AIG ) agreed to pay $9.8 billion for reinsurance coverage from Warren Buffett 's Berkshire Hathaway ( BRK.A ), resolving a long-standing concern about the adequacy of the bailed-out insurer's reserves. "This decisive step enables us to focus firmly on the future and build on the progress we've made in transforming AIG," CEO Peter Hancock said today in a statement. "The agreement supports our stated strategy and gives us additional risk capacity to serve our clients and return capital to shareholders." The purchase from Berkshire subsidiary National Indemnity Co. comes as Hancock streamlines AIG through asset sales and returns more capital to shareholders amid pressure from activists Carl Icahn and John Paulson. The policy carries annual interest of 4% from January 2016 through the payment date on June 30. Cathy Seifert, an analyst with CFRA Research, raised her 12-month price target by $3, to $75, following the announcement.
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www.thestreet.com
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https://www.thestreet.com/investing/aig-soothes-investors-with-9-8b-coverage-from-buffett-s-berkshire-13960593
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The unsecured creditors don't have much to lose. Under WeWork's proposed restructuring plan in February, senior lenders would own the company and whatever WeWork owes unsecured creditors would likely be wiped out. The committee for the unsecured creditors raised concerns in February that WeWork might not be able to pay its lawyers or its rent, leading to "administrative insolvency."
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therealdeal.com
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https://therealdeal.com/new-york/2024/04/22/creditors-demand-wework-consider-adam-neumanns-offer
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Intel has cut prices on some of its microprocessors by as much as 53 percent as the company's investments in manufacturing over the past two years are starting to pay off. Intel (INTC) regularly cuts prices throughout the year as its production costs drop and demand shifts. But the company said this round of price cuts is a direct result of the billions of dollars it has spent on upgrading chip factories with machines that make chips from larger wafers and with shrinking line widths and transistors on its chips. The price cuts will likely mean lower prices for personal computers and laptops and could increase pressure on Intel's long-time rival Advanced Micro Devices (AMD), analysts said. - - - Weighing alternatives: Bankrupt telecommunications company Global Crossing, which failed to reach a sale agreement with its initial suitors, said it will develop its own restructuring plan as an alternative to bids it expects from independent investors next month.
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www.wired.com
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https://www.wired.com/2002/05/intel-slashes-chip-prices
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The Telstra share price climbed to a 52-week high of $3.83 yesterday. This telco giant's shares have been in fine form this year thanks to its improving outlook. This is being underpinned by its 5G leadership, rational competition, and cost reductions. In addition, Telstra has announced a major asset sale, plans to return funds to shareholders, and its belief that a return to growth is on the horizon. The Telstra share price is up 26% in 2021.
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www.fool.com.au
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https://www.fool.com.au/2021/07/29/these-asx-200-shares-have-just-hit-52-week-highs
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Mr Musk is the major shareholder in both firms. Tesla's cash situation has taken on additional urgency with the US$2.6 billion SolarCity deal announced on Aug. 1. Mr Musk also said on Wednesday that Tesla plans to release an update of its partly automated self-driving system "in a few weeks". US regulators are probing a May 7 fatality in Florida in which a driver using Tesla's Autopilot system crashed into a truck. The timing of the SEC filing on Tesla's fundraising plans "reinforces the need for SolarCity to have quick access to capital," Barclays analyst Brian Johnson said. The document also disclosed that Mr Musk discussed a potential Tesla-SolarCity merger in February with SolarCity's CEO, Lyndon Rive, who is also Mr Musk's cousin. At a subsequent special meeting on Feb. 29, the Tesla board rejected a proposal to evaluate a merger, according to the filing.
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www.businesstimes.com.sg
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http://www.businesstimes.com.sg/transport/tesla-plans-to-raise-funds-this-year-to-tackle-cash-crunch
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Tata Steel has told workers it has lost £160m in the past three months - around £1.7m a day. In a message to staff the company said it is "open to further investment" in Port Talbot, but it did not expect any government to cover its losses. Some politicians have questioned its claimed losses, but Tata Steel said its audited accounts were a "true and fair view" of its finances. Unions and Tata Steel will consult over restructuring plans to cut 2,800 jobs. Steel company executives will face scrutiny from MPs on Wednesday when they appear before the Welsh Affairs Select Committee.
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www.bbc.co.uk
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https://www.bbc.co.uk/news/uk-wales-68128331
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By The VAR Guy Telecommunications company Avaya, which has been fighting to keep its head above water under the weight of a $6 billion debt load, on Thursday gave up the battle and filed for Chapter 11 as part of its attempt to "restructure its balance sheet. Last year, the company tried to alleviate some of that debt by selling its call center business to buyout firm Clayton, Dubilier & Rice, but couldn't reach a deal. It said it would not be selling the group as part of the bankruptcy filing, though it's negotiating deals to sell other business units. Avaya is choosing instead to focus on restructuring the company's debt, and has obtained a $725 million debtor-in-possession financing facility underwritten by Citibank. It expects this DIP, along with the cash from its operations, to provide enough liquidity to float existing operations.
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www.datacenterknowledge.com
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http://www.datacenterknowledge.com/archives/2017/01/20/avaya-folds-under-6b-debt-burden-cloud-competition
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Full Year 2024 Results of Operations For the full year 2024, AerSale reported revenue of $345.1 million, which represents an increase of 3.2% from $334.5 million for the full year 2023. Asset Management revenue was $215.5 million, compared to $215.2 million in the full year 2023, as USM volume and increased assets in the lease pool offset lower whole asset sales.
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www.stocktitan.net
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https://www.stocktitan.net/news/ASLE/aer-sale-reports-fourth-quarter-and-full-year-2024-7jvpu4z28phr.html
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ConocoPhillips' 2012 net production from these fields averaged 11 thousand barrels of oil equivalent per day through October, and at Oct. 31, 2012, the net carrying value of ConocoPhillips' Algerian assets was approximately $850 million. The transaction is anticipated to close by mid-2013. Through Sept. 30, 2012, the company's 2012-13 asset disposition program has yielded proceeds of $2.1 billion. Including this transaction, the company has announced additional asset sales that are expected to generate proceeds of approximately $7 billion when complete. Funds generated from these transactions are intended to be used for general corporate purposes. The proposed sale of its Algerian business unit is part of ConocoPhillips' plan to increase value for shareholders through portfolio optimization, focused capital investments that deliver growth in production and cash margins, improved returns on capital, and sector-leading shareholder distributions.
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www.benzinga.com
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http://www.benzinga.com/news/12/12/3181957/conocophillips-announces-sale-of-algerian-business-unit-for-1-75b
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Operating profit for Intel Products was $2.7 billion, 23% of revenue and down $250 million quarter-over-quarter, principally driven by the period costs I highlighted earlier. Intel Foundry delivered revenue of $4.4 billion, down 5% sequentially and above expectations on better-than-forecasted output of Intel 7 wafers and increased advanced packaging services. In Q2, 18A reached a key milestone with the start of production wafers in Arizona ahead of Intel Products Q4 launch of its next-generation client product code named Panther Lake. Intel Foundry released an early version of Intel 14A's PDK to lead external customers and at Direct Connect in April, announced an EMIB advanced packaging partnership with Amkor. Intel Foundry operating loss in Q2 was $3.2 billion, down $848 million sequentially, materially driven by the $800 million impairment charges I discussed earlier. Turning to All Other. Revenue came in at $1.1 billion and was up 12% sequentially and above expectations.
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www.marketscreener.com
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https://www.marketscreener.com/news/transcript-intel-corporation-q2-2025-earnings-call-jul-24-2025-ce7c5fdadd8dfe21
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The ports and rail operator blamed the decision on a recently announced impairment charge, and ''better than expected growth prospects'' forcing it to spend more on capital works. Asciano has been staring at a third straight annual loss since it warned last month of an impending $1.1 billion asset write-down, mostly a one-off charge to goodwill in its Patrick ports businesses. But its explanation for axing the dividend has failed to impress some long-term shareholders who had to weather a near-collapse of the company last year when it was forced to raise $2.35 billion to ease its crippling debts.
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www.smh.com.au
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https://www.smh.com.au/business/no-dividend-for-asciano-investors-20100616-ygiq.html
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Benzinga - by Anusuya Lahiri, Benzinga Editor. Alibaba Group Holding Limited (NYSE: BABA) stock is trading lower Thursday in line with the broader index KraneShares CSI China Internet ETF (NYSE: KWEB) as China's property crisis aggravated amid concerns about an imminent debt default by Country Garden Holdings. U.S.'s advanced artificial intelligence technology embargo on China and an intensifying Israel-Gaza war also weighed on market sentiment. Country Garden did not update its investors on the status of its debt servicing. A $15.4 million coupon on a $500 million bond went unaddressed, with the company remaining mum even after the 30-day grace period expired this week. The developer rejected rumors that some key founding family members had left the country, SCMP reports.
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uk.investing.com
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https://uk.investing.com/news/stock-market-news/whats-going-on-with-alibaba-stock-thursday-3197507
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In a letter to Cabinet Secretary Rajiv Gauba on June 7, Birla said that, with a "sense of duty" towards 27 crore Indians connected with Vodafone Idea, Birla is willing to hand over his stake to public Sector Unit (PSU), a government entity or any domestic financial entity, or any other entity that the government may consider worthy of keeping the company as a going concern.
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www.bizzbuzz.news
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https://www.bizzbuzz.news/industry/telecom/kumar-mangalam-birla-meets-telecom-minister-amid-talks-of-relief-for-telcos-1000224
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BofA Merrill Lynch is acting as financial adviser and Kirkland & Ellis and Wiley Rein are acting as legal counsel to Nexstar Media on the proposed divestitures.
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tvnewscheck.com
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https://tvnewscheck.com/business/article/nexstar-selling-two-indianapolis-tvs-for-42-5m
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NEW YORK (AP) — A unit of American International Group that played an outsized role in the 2008 global financial crises is nearing its official end. AIG said Wednesday in a filing with the U.S. Securities and Exchange Commission that its Financial Products unit has filed for Chapter 11 bankruptcy protection. Bad bets on mortgages by the Financial Products unit knocked parent company AIG off its feet, leading to a cascading series of bank failures that nearly caused a global economic collapse. AIG was saved by a U.S. funded bailout package that eventually exceeded $182 billion, but the economic damage to the global economy was catastrophic. It was the beginning of the greatest economic catastrophe to hit the U.S. since the Great Depression. The filing for AIG Financial Products Corp. was made Wednesday in U.S. Bankruptcy Court for the District of Delaware.
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apnews.com
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https://apnews.com/article/business-delaware-financial-crisis-services-american-international-group-inc-28076a06ed9c2d596f092afc094a8306
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And then, there is Europe and Russia, until 2008 GM's second largest market. After its bankruptcy filing in 2009, GM switched its focus to China to pursue its dreams, and its sales in Europe fizzled. In 2017, GM sold its German brand Opel and its UK brand Vauxhall and washed its hands off two decades of losses. It also shut down its manufacturing and sales operations in Russia, where car sales collapsed following the ruble crisis of 2014. Back in 2008, GM still sold 2.08 million vehicles in the region. By 2018, sales had collapsed to zero (except for a few Vettes and other play thingies):
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wolfstreet.com
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https://wolfstreet.com/2020/02/18/general-motors-better-figure-out-how-to-stop-shrinking-i-mean-globally-pronto-before-its-too-late
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